HOUSE
       Amended 2nd Reading
                     February 21, 2014Second Regular Session
              Sixty-ninth General Assembly
                    STATE OF COLORADO
                                                  ENGROSSED
               This Version Includes All Amendments Adopted
             on Second Reading in the House of Introduction
 LLS NO. 14-0455.01 Jason Gelender x4330 HOUSE BILL 14-1222
                    HOUSE SPONSORSHIP
 McLachlan, 
 
                   SENATE SPONSORSHIP
 (None),
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 House Committees
 Senate Committees
 
 
 Transportation & Energy
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
                         A BILL FOR AN ACT
       Concerning modification of the terms under which a county
            may issue tax-exempt private activity bonds on behalf
            of an eligible applicant for the purpose of financing a
            geothermal energy project on the applicant's
            property.
       
       
                           Bill Summary
       
            (Note:  This summary applies to this bill as introduced and does
       not reflect any amendments that may be subsequently adopted. If this bill
       passes third reading in the house of introduction, a bill summary that
       applies to the reengrossed version of this bill will be available at
       http://www.leg.state.co.us/billsummaries.)
       
            Current law allows a county to issue private activity bonds on
       behalf of a property owner or group of property owners who do not own
       an entire cooperative electric association (eligible applicant) for the
       purpose of constructing, expanding, or upgrading an eligible clean energy
       project on the eligible applicant's property. The bill reduces the minimum
       amount of private activity bonds that a county may issue for an eligible
       applicant from $1 million to $500,000, extends the maximum repayment
       term for bonds from 10 years to 15 years, and allows the bonds to be
       correlated to the revenue stream of the project up to 75% so long as bond
       payments do not exceed 75% of project revenue. 
       
       
       
       Be it enacted by the General Assembly of the State of Colorado:
            SECTION 1.  In Colorado Revised Statutes, 30-20-1203, amend
       (1) and (2) (c) as follows:
            30-20-1203.  Eligible clean energy project financing - county
       approval - private activity bond financing. (1)  An eligible applicant
       may apply to the board of the county or city and county in which it
       proposes to construct, expand, or upgrade an eligible clean energy project
       for assistance in the financing of the project. Subject to the requirements
       and limitations specified in federal law, the "Colorado Private Activity
       Bond Ceiling Allocation Act", part 17 of article 32 of title 24, C.R.S., and
       subsection (2) of this section, if the board approves the application, it may
       provide financing assistance by issuing tax-exempt private activity bonds
       in a minimum amount of five hundred thousand dollars for a
       geothermal energy project and one million dollars for any other
       type of eligible clean energy project on behalf of the eligible
       applicant.
            (2)  A board shall issue tax-exempt private activity bonds on behalf
       of an eligible applicant to finance an eligible clean energy project subject
       to the following requirements and limitations:
            (c)  The repayment term for the bonds issued shall not exceed
       fifteen years for a geothermal energy project and ten years for
       any other type of eligible clean energy project and may, for a
       geothermal energy project only, be correlated to the revenue
       stream of the eligible clean energy project being financed by the
       bonds so long as the amount of scheduled bond payments for
       any fiscal year does not exceed seventy-five percent of the
       estimated amount of project revenues for the fiscal year.
            SECTION 2.  Safety clause. The general assembly hereby finds,
       determines, and declares that this act is necessary for the immediate
       preservation of the public peace, health, and safety.